Dell special committee reject founder’s sweetened deal conditional on voting changes
The special committee of Dell’s board has reportedly said it is not willing to change voting provisions for the $13.75 per share offer made by founder Michael Dell with Silver Lake Management for the company, David Faber of CNBC tweeted today.
Michael Dell told the Wall Street Journal the $13.75 offer was his best and final offer, and it was difficult to justify going beyond his upper limit of $13.65.
Dell and Silver Lake have so far failed to win enough shareholder support for a buyout, and made this deal on the condition the special committee approved a change in rules of voting so that abstentions were not counted as “no” votes. The committee had previously said it would want a bid of at least $14 to consider a change.